Banking Unit Review

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

• You should endorse the back when writing a check

• The amount of money is written both numerically and in words

• Checks should show up on your statement within 30 days

• You should endorse the back when depositing a check

You can access the money in your checking account by...

• Using the cash grandma gave you to pay at the grocery store
• Paying bills with a pre-paid debit card
• Transferring money though your online account
• Using your credit card to Venmo a friend

Overdraft protection...

• is a service offered only for premium checking accounts.

• brings in a few hundred dollars each year to banks.

• is a fee-free service that prevents you from overdrawing.

• can keep you from overdrawing but charges a fee.

Which of the following fee(s) may banks charge you?

• Online Statement Fee
• Monthly Maintenance Fee
• In-Network ATM Fee
• Sufficient Funds Fee

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

• Low balances

• Unusual activity

• Deposits

• Credit Card transactions

What is the benefit of direct deposit?

• Any overdraft fees are waived
• You don't have to spend time and energy depositing a check
• The funds from your paycheck are usually available between 3-5 business days
• You get a tax benefit from the Federal government

Which of the following is TRUE about banks and credit unions?

• Banks are for-profit; credit unions are not-for-profit
• Banks are not taxed; credit unions are taxed
• Banks are insured by the NCUA; credit unions by the FDIC
• There are more local credit unions than there are banks

Which of the following is NOT a common way most people are using P2P?

• To pay rent
• To pay off their credit cards
• To pay back friends
• To buy gifts

A checking account is best used for...(hint: choose 2 correct answers)

• Saving money

• Storing money to spend

• Investing money

• Placing money you earn

What is a typical overdraft fee?

• $5
• $15
• $25
• $35